Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Feb 19, 2021

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Company Details
Address: 400 Robert St N #2099
City: St. Paul
State: Minnesota
ZIP Code: 55101
Phone Number: (651) 665-3500
Year Founded: 1880
AM Best Rating: A+
Company Rating 0 (0 reviews)
The Facts of Life

  • Minnesota Life was recently transitioned to operate under Securian Financial.
  • Minnesota Life Insurance ratings suggest the company is in good financial standing but could improve customer satisfaction.
  • Minnesota Life Insurance rates are comparable to many other top life insurance providers.


Minnesota Life Insurance, now Securian Financial, is a leading life insurance and financial investment company in the country. Minnesota Life offers term life insurance, permanent life insurance, and even annuities.

With so many competitors, it’s hard to pick the right life insurance company. To make matters easier, we’ve compiled the Minnesota Life ratings and reviews, a Minnesota Life rate comparison, and more throughout this Minnesota Life review.

Have a quote from Minnesota Life Insurance? See if you qualify for even better rates using our FREE quote tool above. Don’t wait to start saving money today.


What is Minnesota Life Insurance Company?

Minnesota Life is a life insurance provider that now operates as Securian Financial. Securian Financial life insurance policies are claimed to be similar to the original Minnesota Life policies.

For those who held a Minnesota Life Insurance Company policy, you won’t need to worry about any changes despite the brand transitioning to a Securian Financial life insurance policy.

Minnesota Life was founded in 1880, touting a long history of operation. The history of Minnesota Life Insurance Company is rich, including being one of the first insurers with a female as a top sales agent.

They have provided consumers various life insurance policies, asset management, and more throughout the years. They have even expanded to Canada since the new millennium.

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Is Minnesota Life a good company?

Before you decide to look into Minnesota Life Insurance quotes, you’ll want to be sure you’re in good hands. You’ll also want to be sure the company holds the same or better standards since they have transitioned to Securian Life.

What is the best-rated life insurance company? There’s no clear answer on the best life insurance company. However, many would consider Minnesota Life to be one of the top competitors in the industry.

We’ll show you why with Securian Financial customer complaints and satisfaction, the Financial Strength and Ratings of Minnesota Life, and more about Securian Financial and Minnesota Life.

Minnesota Life Ratings and Reviews

Looking to buy Minnesota Life Insurance? It’s important to look into consumer research and complaints to be sure your life insurance company will be around in excess of 30 years to pay your death benefit if needed.

The National Association of Insurance Commissioners (NAIC) complaint index for Minnesota Life suggests the company has fewer complaints than the industry average. They are below the average for individual and group life insurance.

Minnesota Life and Securian Financial ratings are consistently in good standing for financial strength. They boast the following ratings:

  • A.M. Best: A+ (Superior)
  • Fitch: AA (Very Good)
  • Moody’s: A3 (Good)
  • S&P: A+ (Very Good)

When it comes to financial strength, you don’t have any concerns with Minnesota Life. S&P has recently upgraded its financial strength rating. What about their customer satisfaction?

The Securian Financial J.D. Power score holds at a 741, roughly 20 points below the industry average. They compare to AIG but fall below many top companies such as Nationwide, MetLife, and State Farm.

What type of insurance products are offered by Minnesota Life?

Minnesota Life is a big company with a rich history. Its ratings and reviews are reasonable, but what life insurance products are offered by Minnesota Life?

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Minnesota Life was primarily known for its term and permanent life insurance options. For permanent life insurance, they offered whole and universal life insurance.

As Securian Financial, it now offers term life insurance, whole life insurance, universal life insurance, and long-term care insurance. They offer term life insurance policy terms of 10, 20, and 30 years with the option to convert to permanent life insurance at a later date.

For permanent life insurance, they offer both whole and universal life insurance. Both of these policies would include a cash value component that serves as an investment over time.

The primary difference between whole life insurance and universal life insurance is that universal life has flexible premiums. This means that you can adjust your payments if you have unforeseen financial circumstances.

Other coverage products offered by Minnesota Life Insurance Company include:

  • Accidental & Illness Insurance
  • Annuities
  • Financial Planning
  • Investment Assistance
  • Trust Services
  • Credit Protection

Many times you can combine services through riders to save money. Securian even offers critical illness insurance or insurance for cancer patients.

With so many services, Securian Financial has a strong platform to protect your assets and provide for your beneficiaries when the time comes.

How much does a Minnesota Life policy cost?

The Minnesota Life Insurance rates will depend on the type of insurance policy you purchase. Looking for affordable Minnesota Life Insurance? Term life insurance policies are the cheapest with most companies.

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The Minnesota Life Insurance rates will be more expensive if you’re considering whole or universal life insurance. Why? The cash value component is like adding a monthly savings payment to your normal policy premiums.

Are Minnesota Life rates affordable? Most of your top companies will have affordable options for consumers. So how do the Minnesota Life and Securian Financial rates compare to other insurers?

Minnesota Life Rates vs Average Monthly Rates for Men
Policies for MalesAge 30 Average Monthly RatesAge 40 Average Monthly RatesAge 50 Average Monthly Rates
10 Year Term- Minnesota Life $11.83$14.03$30.25
10 Year Term- All Insurers$9.62$11.71$23.80
20 Year Term- Minnesota Life$15.43$21.00$48.83
20 Year Term- All Insurers$13.22$17.91$41.94
30 Year Term- Minnesota Life$21.25$31.88N/A
30 Year Term- All Insurers$20.39$30.40$72.41
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You’ll notice above that the Minnesota Life rates are a little higher than the industry average for males with a $250,000 policy face amount. The difference is less notable for longer policy terms.

This trend holds true for females as well. Affordable Minnesota Life Insurance is out there, but you might be able to find a cheaper policy if that’s a deal-breaker for you.

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More About Minnesota Life

Minnesota Life is a growing company that has a variety of appealing features for prospective policyholders. What can you expect as a Minnesota Life customer?

Securian Financial has added some convenient resources for Minnesota Life policyholders. This is a big bonus for beneficiaries and comfort for policyholders when it’s time to make claims.

How are claims handled? Securian Financial has a mobile app where you can perform most tasks associated with your account. If that doesn’t work, they have a claims tab directly on its website.

It should be noted that, despite the ease of access, there might be some issues during the claims process. The Better Business Bureau reports that Securian Financial has an average rating of just 1.15 out of 5. This rating is provided by policyholders who have issues with products, services, or billing.

This Minnesota Life Insurance Company review has covered quite a bit. Let’s break it down to summarize the good and the bad.

Pros of Minnesota Life

  • Above-average financial ratings
  • Convenient features with app and website
  • Expanding company

Cons of Minnesota Life

  • Below-average customer reviews
  • Above-average term life rates

Minnesota Life, now Securian Financial, has policies that could fit your needs. Just remember, the cheapest life insurance policy isn’t always the best life insurance policy.

Minnesota Life Insurance: The Bottom Line

Looking for cheap Minnesota Life Insurance quotes? Term life insurance from Minnesota Life could be the best option for you. At the end of the day, you’ll always want to compare policy options and rates.

Wondering if you can beat the Minnesota Life Insurance rates? Check out our FREE quote tool below to see personalized rates from top companies today.